The Veterans Administration is raising its maximum...
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The Veterans Administration is raising its maximum interest rate for federally backed VA home mortgages by one-half percentage point to 10%. The VA said it was making the change, which will take effect Sunday, to reflect recent increases in interest rates in financial markets. The VA said that, effective Sunday, a variety of other mortgage rates will also rise by one-half percentage point. Graduated payment mortgages will increase to 10.25%; home improvement loans will rise to 11.5%, and loans for mobile homes will increase to 12.5%.
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